How To Build A Value Ecosystem That Shoppers Can Integrate Into Their Lives
In part two in a series of op-eds on emerging brand innovation, PSFK partner Scott Lachut on how brands like Volvo and Chase are creating a bundle of services that will encourage shoppers to integrate brands into their busy schedules
As consumers live increasingly busy lives, brands are discovering new ways to not just meet their needs, but actually anticipate them and remain top of mind. An assortment of brands like Volvo and Chase as well as others that we highlight below are adding value by offering a range of services that help shoppers integrate a particular product or brand into their daily schedules.
Consumers increasingly expect to be rewarded for their continued loyalty. And so, companies must rethink their loyalty programs to focus more on curation and personalization, allowing customers to choose how they would like to redeem their rewards across a network of partners.
An example of this E-Z Rent A Car's EZ Money program, which enables participants to customize benefits, or even redeem their loyalty points for cryptocurrency.
As individuals pursue their creative and entrepreneurial passions, they seek out new sources of financial and educational support, brands have a unique opportunity to step in by providing customers with the education and resources to achieve their personal and professional goals.
An example of this is The Chase For Business BizMobile. Traveling across the United States, the mobile trailer offers free one-to-one advice sessions with industry experts on topics like financing and digital marketing.
As consumers shift from ownership to access, companies are seeking new ways to deliver value within the context of subscription or membership. By packaging complementary services and experiences around product offerings, brands in any vertical can optimize the ownership experience.
An example of this is Care by Volvo. The no-surprises subscription service comes replete with a car lease, premium insurance, wear and tear coverage, as well as roadside assistance.
In today's solitary world, consumers are seeking like-minded communities to socialize around shared interests and advance in their career and creative ambitions. Therefore, brands are inviting customers to connect through digital platforms and real-life experiences to leverage the power of shared interests.
An example of this is The Standard Lobby app by The Standard Hotel. The virtual, app-based lobby encourages spontaneous connection between guests (in a privacy-minded manner to boot).
Whether it's through purpose-driven community-building or education sessions spearheaded by industry experts, brands are pressed to deliver a value ecosystem to customers in ways that translate beyond just the register. As illustrated by our examples above, brands in the automotive, hospitality and finance sectors especially can build loyalty and incentivize more than just the one-time buy by empowering consumers in ways that acknowledge their time-strapped lives while nurturing their lofty aspirations and ambitions.
This is part two of a four-part series on emerging brand innovation. For part one, click here.